Prime Minister Joseph Muscat presented Malta as an ideal place for British companies to ‘co-locate’ during a lunch hosted by the City of London at Guildhall Art Gallery.
Dr Muscat told UK business leaders and policymakers that he does not subscribe to the idea that businesses will simply run off from the City because of Brexit, and believes that the City will remain a very important global player.
However, it was undeniable that companies were making plans to have part of their business co-located in a European Union jurisdiction.
“Our approach as a country is to offer Malta as a co-location jurisdiction rather than outright re-location possibility. We are an ideal place for companies with presence in the UK and which want to have a new foothold in the European Union to co-locate. This is the way we are positioning ourselves irrespective of the outcome of Brexit negotiations, and industry players are reacting positively to such an attitude.”
Dr Muscat said that as the smallest Member State and with the tradition of an open economy and a natural partner of the UK, Malta was taking a pro-active, rather than predatory, approach.
He added that when it came to the financial services industry, transparency and financial services should not be mutually exclusive. “On the contrary, transparency in this industry has to become the name of the game. Malta’s financial services and company registration will be more than ever one of Malta’s competitive advantages.”
He also mentioned the assassination of investigative journalist Daphne Caruana Galizia and said that Malta had showed outrage as such a brutal murder, reaffirming his commitment to solve this case and bring the perpetrators to justice.
The event was organised by the Chairman of the UK-Malta Business Task Force Joseph Zammit Tabona in collaboration with the City of London.